Oil still has a week to increase, domestic gasoline will increase further?

Contracts crude oil The closing session of the week all increased strongly as gasoline prices in the US increased to a record high and gasoline inventories doubled by 3.6 million barrels, compared with the forecast for a decrease of only 1.9 million barrels.

Closing the week on May 14, US WTI oil for June delivery closed at 110.49 USD/barrel, up 4.36 USD, equivalent to 4.1%; Brent oil added 4.1 USD, or 3.8%, to close at 111.55 USD/barrel.

Gas price US futures spiked to highs after inventories fell last week, falling for a sixth straight week.

Strongly increased at the end of the week, but because the beginning of the week plunged for 2 consecutive sessions, for the whole week, oil gain was not significant, US WTI oil only increased by 0.7% and Brent oil increased by 0.8% in the last session of the week. the week.

Oil prices fluctuated strongly at the weekend due to worries about EU ban on Russian oil. All analysts say the thing around worries about supply may be tight, putting pressure on oil prices. In addition, there is information that Shanghai (China) may ease traffic restrictions to combat Covid-19 and is expected to reopen stores this month.

Oil prices rose sharply on May 14 when the market focused attention on the EU’s push to embargo Russian crude oil after Moscow announced it would stop supplying gas to Europe.

In another development, Oil prices rose sharply at the weekend This is also due to a decrease in global production growth forecasts compared to previous forecasts, while oil demand remains positive.

Specifically, in a report released on May 12, OPEC continued to lower its forecast for economic growth and global oil demand in 2022 due to the influence of geopolitics, inflation and epidemic prevention measures. Strict Covid-19 in China.

Accordingly, OPEC forecasts that oil demand in 2022 will increase by 3.36 million barrels per day in 2022, less than the 310,000 barrels given in April 2022. However, OPEC also expects global consumption to surpass 100 million barrels per day in the third quarter of 2022, thereby pulling the average consumption for the whole year higher than in 2019, the time before the outbreak. broadcast.

In the same report, OPEC forecast that non-OPEC supply growth in 2022 would decrease by 300,000 bpd to 2.4 million bpd.

The forecast for global economic growth in 2022 was also lowered by OPEC from 3.9% to 3.5%.

Domestically, from April 1, though per liter Petroleum has been reduced by 50% of environmental protection tax, but so far, gasoline prices have continued to rise and set a record after the adjustment period on 11/5.

In the context of gasoline prices there are still many fluctuations, experts say that the operating agency needs to continue to reduce taxes and fees; increase both domestic and imported petroleum production to ensure long-term and stable reserves for at least 6 months.

Petroleum enterprises should seek more import channels. The expansion of the number of import hubs will help Vietnam avoid the impact of a large group of focal points. In addition, people and businesses need to save petrol and use gasoline efficiently.

In fact, according to the statistics agency, petrol price hike nearly 50% compared to the same period last year was a big reason causing the consumer price index (CPI) in the first 4 months to increase by 2.1%. If Gasoline prices continue to rise high will lead to an increase in the price index of all other industries. So it’s time to inter-minister Industry and Trade – Finance needs to review and recalculate the cost levels in the basic price structure of petroleum products and taxes and fees in order to ensure correct, sufficient and harmonious calculation of interests between business enterprises. petroleum, consumers and businesses use petroleum.

According to experts, world petrol price In the coming time, there will continue to be complicated and unpredictable developments when the European Union (EU) proposes an embargo on petroleum products from Russia. In addition, OPEC + countries did not increase production compared to the plan as proposed by the EU, causing concerns about petroleum supply to the market. It is forecasted that the world petrol price will continue to increase, putting pressure on domestic gasoline prices.

Petrol price today 5/15: The domestic retail price of gasoline on May 15 is as follows: E5 RON 92 gasoline does not exceed 28,959 VND/liter; gasoline RON 95 not exceeding 29,988 VND/liter; diesel oil not exceeding 26,650 VND/liter; kerosene not exceeding 25,168 VND/liter and fuel oil not exceeding 21,560 VND/kg.

The above price has been adjusted up at the price management period of the Ministry of Finance – Industry and Trade on 11/5 with gasoline price increased by more than 1,400 VND/liter, oil price increased by more than 1,000 VND/liter, and fuel oil price kept unchanged. original.

This is the 3rd consecutive increase of gas price domestic.